What are the benefits of integrated financial management?

Integrated financial management tools within an ERP system have become a necessity for any type of growing organisation. The integrated and systemic nature of an end-to-end solution is proven to streamline the day-to-day financial management of a company.

ERP solutions, such as SAP Business One, have become extremely popular across businesses for all sectors. The benefits are numerous and ERP solutions deliver long-term value, especially for those working within finance teams.

Take a look at some of the biggest benefits your business can enjoy when working with integrated financial management tools:

1. Automation

The automation of financial processes is one of the main advantages of working with an ERP. Solutions integrate with bank accounts and also allow invoices, balance sheets and profit and loss accounts to be managed in real-time.

2. Simplification

Take the complexity out of running your business. By using best-practice processes, combined with automated and integrated financial functionality, businesses can quickly reduce inefficiencies and increase productivity levels. What company doesn’t want to do more without increasing overheads?

3. Optimisation

An ERP will not only save your finance personnel time-savings by automating repetitive or key tasks, but it’ll also help your team work smarter, not harder. By letting your system complete once time-consuming tasks, your teams will be able to focus on what will really make an impact on improving your financial management.

4. Forecasting

You don’t need a crystal ball when you’re working with a system such as SAP Business One. All of your financial documents are stored within a central database and are updated in real-time. This helps to monitor levels of cash flow, forecast outgoings and accurately create key financial reports for stakeholders.

5. Transparency

There’s no cross-reporting or silos of data with ERP. All key financial documents are stored within a central database that provides finance teams will all the documentation they need to complete everyday tasks. Your teams will have 360⁰ visibility into company-wide operations to ensure there’s never any nasty surprises.

6. Integration

One of the biggest benefits of deploying an ERP solution is bringing different departments together into one system. Finally, everybody is working from the same application. Your finance teams have visibility into invoices, sales orders, purchase orders requests and business partner records. Finance managers no longer have to rely on colleagues to fire across important details or to extract data from different systems to complete month-end closing periods.

7. Multi-currency

If you’re trading with Europe or international partners, you’ll want to manage your financial processes using multi-currencies. SAP Business One is a solution that’s used by more than 75,000 companies globally. With various localisations helping to adhere to local tax regulations, there’s also multi-currencies functionality to avoid any human errors when calculating foreign currencies.

8. Reports

If it’s taking you days or even weeks to close out financial periods then your systems are not working for you. If you can’t instantly generate reports or track real-time analytics or dashboards then you don’t have the information at your fingertips to make strategic decisions. With ERP, you’re never left working in the dark with powerful Business Intelligence helping to assist finance teams to make better decisions.

Financial Management ERP Demo

Modernise the way your finance teams work and future-proof your business with SAP Business One. Arrange a demo today with one of our solution architects to see how you can transform the way you manage your accounts and financials. Contact us today on 01 697 1818.